US Approved Corvid Stimulus Package- Where's The Money

[Mike J]

15 minutes ago, Tommy T. said:

Are you sure about that? Not doubting you, but I don't know how that all works. My thinking is that "they" would just look at earned income? It would seem that, if they do, indeed, view that withdrawal as income, you may not be eligible?

At least, if you do get a payment, it will go to a USA address rather than here.

From https://www.consumerfinance.gov/about-us/blog/guide-covid-19-economic-stimulus-checks/#qualify

I believe "adjusted gross income" includes both earned and unearned income from a 401K withdrawal.  That was the case several years ago when I bought a property here using 401K money.   At least in my case the 401K showed up on the adjusted gross income line.  I remember shedding a few tears even though I was expecting it. 

<snip>

To qualify for a payment, you must:

Be a U.S. citizen or U.S. resident alien
Not be claimed as a dependent on someone else’s tax return
Have a valid Social Security Number (SSN). Or if you or your spouse is a member of the military, only one of you needs a valid SSN
Have an adjusted gross income below a certain amount that is based on your filing status and the number of qualifying children under the age of 17. If you are not required to file taxes because you have limited income, even if you have no income, you are still eligible for payment.

<end snip>

[GeoffH]

2 hours ago, Mike J said:

I am going for a three beer minimum stash when this is all over. 

I don't drink much but 3 beers wouldn't last even me very long 

[Mike J]

12 minutes ago, Heeb said:

The stimulus checks are tied to adjusted gross income which includes 401k income since it's only tax deferred, I think I'm probably just going to have to take in in the shorts.

I feel your pain Heeb.  I have a pair of shorts just like that. 

Edited May 10, 2020 by Mike J

[OnMyWay]

2 hours ago, Mike J said:

The website indicates the IRS "mailed" my check on May 1 to my Philippine address.  I was under the impression that those of us with direct deposit social security payments would get direct deposit.  Hopefully the check will arrive in the next month or so.  But then we will need for the quarantine to end to deposit the check as our bank is in Cebu City.  By then the bank my say "Sorry Sir, check is too old."   And even if they do accept it for deposit, the funds are not available to spend for 30 days.  And my get through the lockdown" two beer emergency supply is long since exhausted.  I am going for a three beer minimum stash when this is all over. 

CCCCCCCCCRRRRRRRRRRRRAAAAAAAAAAAAPPPPPPPPPP.       

Your experience further reinforces what I said to Tommy about the logic they are using.  This is what I thought would happen to me because I also used a Philippines address.  They are not looking at SS info if they can find something in IRS records or Get My Payment.

What I did was file an IRS change of address form ASAP to they would not mail to the Philippines.  I did not know if they would get it fast enough but it ended up being a moot point because I got caught in the ITIN trap.

26 minutes ago, Heeb said:

The stimulus checks are tied to adjusted gross income which includes 401k income since it's only tax deferred, I think I'm probably just going to have to take in in the shorts.

Join the club!  Different reasons, same shorts.  If only you would have had a crystal ball to tell you not to take too much out of your 401k in 2019.  Off topic, but I manage my annual IRA withdrawals so that I stay in a certain tax bracket.  However, if I urgently needed a lot I would be in your shoes.

 

 

[Mike J]

[Tommy T.]

1 hour ago, OnMyWay said:

Different reasons, same shorts.

 

1 hour ago, OnMyWay said:

I would be in your shoes.

OMW is there something you want to share with us regarding your relationship with @Mike J?

Edited May 10, 2020 by Tommy T.

[Heeb]

2 hours ago, OnMyWay said:

Join the club!  Different reasons, same shorts.  If only you would have had a crystal ball to tell you not to take too much out of your 401k in 2019.  Off topic, but I manage my annual IRA withdrawals so that I stay in a certain tax bracket.  However, if I urgently needed a lot I would be in your shoes.

 

 

Well I logically thought the best thing to do was to retire at the end of the year, and pull money out of the 401k in 2020 to lessen the tax burden, I also thought it was a bad idea to buy a house when we moved to Spokane from Seattle in late 2008 because I knew the housing market would start collapsing in 2009 since it lags Seattle, we could have saved big $ in both situations but I was overruled by a 4'10' 95lb women who claims she's 5', she's an emotional thinker not logical at all, I have to admit the idea of retiring in the summer to enjoy it versus the cold of winter was enough to persuade me. Imagine though if we had arrived just before lockdown here and got stuck in limbo before we were setup properly, I guess that's one positive thing to look at. And before you call me P whipped AZ, I used to have a pair, and I did put up the good fight for many years but it was a war of attrition, and I just got t0o tired of fighting it.

Edited May 10, 2020 by Heeb

[OnMyWay]

17 minutes ago, Heeb said:

Well I logically thought the best thing to do was to retire at the end of the year, and pull money out of the 401k in 2020 to lessen the tax burden, I also thought it was a bad idea to buy a house when we moved to Spokane from Seattle in late 2008 because I knew the housing market would start collapsing in 2009 since it lags Seattle, we could have saved big $ in both situations but I was overruled by a 4'10' 95lb women who claims she's 5', she's an emotional thinker not logical at all, I have to admit the idea of retiring in the summer to enjoy it versus the cold of winter was enough to persuade me. Imagine though if we had arrived just before lockdown here and got stuck in limbo before we were setup properly, I guess that's one positive thing to look at. And before you call me P whipped AZ, I used to have a pair, and I did put up the good fight for many years but it was a war of attrition, and i just got to tired of fighting it.

So many forks in the road of life!  If I made the right decision at all of them, I would be a billionaire!  My latest wrong turn was deciding to sell my Florida house before the Covid issue came up.  Now I have an empty house with slim prospects of selling it anywhere near my asking price.

[Mike J]

13 minutes ago, Heeb said:

Well I logically thought the best thing to do was to retire at the end of the year, and pull money out of the 401k in 2020 to lessen the tax burden, I also thought it was a bad idea to buy a house when we moved to Spokane from Seattle in late 2008 because I knew the housing market would start collapsing in 2009 since it lags Seattle, we could have saved big $ in both situations but I was overruled by a 4'10' 95lb women who claims she's 5', she's an emotional thinker not logical at all, I have to admit the idea of retiring in the summer to enjoy it versus the cold of winter was enough to persuade me. Imagine though if we had arrived just before lockdown here and got stuck in limbo before we were setup properly, I guess that's one positive thing to look at. And before you call me P whipped AZ, I used to have a pair, and I did put up the good fight for many years but it was a war of attrition, and I just got t0o tired of fighting it.

Sounds like we were almost neighbors.  We lived in Yakima.   I know exactly what you mean about short women who claim to be taller and convince you buy a new house when you already have one you like.   Our "new" one was two blocks from our "old" one.  We saw it as we were walking one afternoon and she said; "That house looks nice from outside, I wonder what it looks like inside".   I didn't take the bait at first, but you know how those little women are.  Kind of like fine sandpaper, they wear you down a little bit at a time.  

[Mike J]

42 minutes ago, Tommy T. said:

 

OMW is there something you want to share with us regarding your relationship with @Mike J?

Maybe we can get matching t-shirts with the Uncle Sam logo I posted.